08:28 AM EST, 01/23/2025 (MT Newswires) -- NovaGold Resources ( NG ) on Thursday said it remains well financed as it advances the Donlin gold project in Alaska in a joint venture with Barrick Gold ( GOLD )

The company said it ended the 2024 fiscal year with US$101.22 million of cash on hand on Nov.30, down from US$125.75 million a year earlier. It expects to spend $21.5 million this year for its share of expenses for the Donlin joint venture and US$16 million on corporate costs.

"With a strong treasury of over $100 million, NovaGold is well positioned to fund our share of activities for at least the next two years at current spending levels," Chief Executive Gregory Lang said in a release.

The Donlin deposit is among the world's largest untapped gold resources, containing an estimated 39-million ounces of the precious metal. Novagold said 2025 work at the site is geared to advancing the project to a final investment decision by securing needed permits, completing feasibility studies and securing financing for construction.

NovaGold shares closed down $0.14 to $4.60 on the Toronto Stock Exchange.